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Where Taxpayers and Advisers Meet

tax on accrued income

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Joined:Thu Feb 23, 2012 10:26 am
tax on accrued income

Postby Feedback » Thu May 25, 2017 8:39 am

I've looked in CTA2010 and cannot find any provision that specifically relates to CoTax on accrued income, any idea if an adjustment for income to be invoiced in a later period is taxable in the earlier period when earned or when invoiced? The contract stipulates full service is required for contract performance but revenue recognition is allowed under FRS102. We want to recognise the revenue now, but defer the tax liability until the later period.

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